He has surged past France’s Bernard Arnault as the Covid-19 crisis seems to have affected his LVMH Moet Hennessy Louis Vuitton SE's business.
People are focusing most on saving their earnings considering the economic situation induced by the pandemic and are not as willing to splurge on luxury purchases. Hence, according to reports, Bernard Arnault, even though Europe's richest, is among the worst-affected businessmen by the Covid-19 situation.
The Reliance Chairman had recently surpassed business titans like Tesla and SpaceX's Elon Musk and Google co-founders Sergey Brin and Larry Page, as well as Warren Buffett.
Business Tycoon Buffett's net worth had dropped after he gave $2.9 billion to charity.
After Reliance's telecommunications company Jio received investments in billions from global giants like Facebook, Silver Lake and Qualcomm, the conglomerate's shares doubled, making Mukesh Ambani richer than several of his peers internationally.
In July 2018, Ambani had replaced Alibaba's Jack Ma to become Asia's richest man with a net worth of $44.3 billion. Clearly there is no stopping Reliance conglomerate and its chief Mukesh Ambani.
WATCH | Uber's food delivery business surges unlike ride-hailing amid Coronavirus